What is cyber extortion?

Cyberextortion refers to an attack or threat of attack on a computing system or server involving a demand for ransom from the owner in return for stopping the attack. One of the most common forms of cyberextortion, Ransomware attacks are a major threat to cybersecurity of banking and financial institutions, government and corporate. Other types of cyberextortion include Distributed Denial of Service (DDoS)—an organized attack against a computer system that threatens to destroy the confidential data of corporate or government unless a ransom is paid to blackmailers. Essentially, the hacker in a cyberextortiongains access to an organization’s confidential data and identifies the weak points in order to extort funds.